A new index shows that Cyprus passports really are 'golden' ranking its power at eight as its holders can visit 166 countries including 122 visa-free and 44 by obtaining visa on arrival.
The South China Morning post reports that Chinese investors are seeking Cyprus passports despite the stricter criteria introduced last month for those seeking Cypriot citizenship.
Although the years of austerity in the Cyprus building and construction sectors appear to be over, pundits believe that they remain heavily dependent on the passport for investment scheme.
Foreigners are rushing to acquire Cypriot passports via the citizenship-by-investment scheme before the rules are tightened on 15th May according to a report in the Greek daily Phileleftheros.
The Fiscal Council has warned that overreliance on the Passports for Cash Scheme aka Citizenship by Investment Scheme aka Golden Visa Program could bring 'Dutch disease' to Cyprus.
